Post
Topic
Board Bitcoin Discussion
Re: Does the number of miners reduce when the price drops?
by
Zaguru12
on 04/08/2024, 16:17:11 UTC
It is a known fact arguing at this point does not make any difference as it is known Bitcoin mining is not that easy as it used to be 4 years back for small miners.

As a single individual or as it is called solo miner it is not visible to mine bitcoin now because it is now expensive to set up the mining rig to compete with the large mining pools but that doesn’t mean you can mine as an individual you just join up with other miners to create a pool and share the dividends.

Quote
The network difficulty, already constantly increasing, has further increased significantly, making the creation of new blocks more expensive and complex.
BTW, it meant more advance infrastructure is required now to mine Bitcoin.
[/quote]

There is no denying this fact the bitcoin mining equipment has definitely improved causing other little mining equipments to not be useful anymore but the argument here is no matter the sophisticated mining tools we have the average 10 minutes overall can not be breached because it is the standard which is set by the difficulty adjustment. If after the 2016 blocks the average mining time is lower than 10 minutes the difficulty target is adjusted to be higher than the existing one and if after the 2016 blocks mined the average time is higher than 10 minutes then the difficulty target is reduced to fit into this 10 minutes average limit. This is the reason why you see the total 210000 blocks needed for an halving to occur averagely falls into 4 years apart.